Davidson Kempner Capital Management has raised almost $200 million for its first private equity fund, half the total it hopes to garner for its maiden effort.

The New York-based hedge fund told investors last month that it held a first close of its Long-Term Distressed Opportunities Fund in July with $193.5 million, Bloomberg News reports. Davidson Kempner aims to raise about $400 million for the fund, which has already made three investments, and expects to do so by the end of the year.